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Buying a holiday home

4886 Views 41 Replies 8 Participants Last post by  Veronica, 
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I am sure that this query has been covered in several posts previously, but after a quick search i cannot seem to find any suitable answers.

I am seriously looking at buying a holiday property in Cyprus (3 bed villa with pool in Paphos / west coast area) for personal use and short periods of rental. I would appreciate any feedback / advice on the following:

- What would be the average price of this type of property?
- Are there bargains / deals to be had?
- Have prices stabilised or still falling?
- What are the average running costs for this sort of property?
- I know a pool is essential, but what are the running costs?
- Is it cost effective to 'shut down' the pool during winter?
- What are the average rental charges for this type of property?

Any general advice, do's and dont's, etc would also be greatly welcomed.

Neil
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Selling

Veronica said:
As a cash buyer you are in a good position as you do not need to r ely on a developer to get a mortgage.
The safest buys are properties with title deeds. If full title deeds are not available, for instance someone has bought a piece of land and had a house built got deeds for the land but not yet had the house added you are still safe as anything on the land belongs to you.
If a property was built and sold by a developer but has not yet got title deeds then at the veryleast you want it to have an AX number. This means that the final certificate has been issued and the process of issuing title deeds is underway.
However in this case you must make sure your lawyer checks that the developer has not got a mortgage on the land or you could still lose your home if the developer goes bankrupt. The only 100% safe house is one with title deeds.

As for boating. We have friends who have sailing boat which is pulled out of the water when not in use so no mooring fees apply. If you want something larger which you need to have mooring for you will find that the fees are not as much as other mediterranean countries.
There is a sailing club in Paphos which two of our clients who bought through us are members of.
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Hi Veronica
This is my first ever visit to a forum & as you give sound, real advice, I hope you can help my husband & I regarding property in Cyprus. We bought our villa from a developer in Paphos a few years ago as an investment while we were still living in Dubai, but we got retrenched & couldn't afford the monthly payments anymore, so we agreed for the villa to be repossessed by the developer. We do not have the title deeds for the property. Now our so-called "administrator" for the property group has told us that as & when the villa gets sold, we will have to pay them any damages, losses etc. Could you please help us with some advice as to our situation? We are now living along way away from Cyprus, in Australia & would really appreciate some help as we feel we have been left in the dark by these people. Could you recommend a lawyer, should we need one? Thanks.
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kimn said:
Hi Veronica
This is my first ever visit to a forum & as you give sound, real advice, I hope you can help my husband & I regarding property in Cyprus. We bought our villa from a developer in Paphos a few years ago as an investment while we were still living in Dubai, but we got retrenched & couldn't afford the monthly payments anymore, so we agreed for the villa to be repossessed by the developer. We do not have the title deeds for the property. Now our so-called "administrator" for the property group has told us that as & when the villa gets sold, we will have to pay them any damages, losses etc. Could you please help us with some advice as to our situation? We are now living along way away from Cyprus, in Australia & would really appreciate some help as we feel we have been left in the dark by these people. Could you recommend a lawyer, should we need one? Thanks.
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Hi Kim,

There is a lawyer in Nicosia called Yiannos Georgiades who has taken on many cases against developers
Yiannos Georgiades - Advocate / Partner - GMSK Solicitors LLP
He has a very good name.
Also if you go to our sister forum, Property Community For Overseas Real Estate News, Forums, Blogs, Discussions and Comments there are threads on there about certain developers who have left people with problems and some of these developements have facebook groups etc of people who are grouping together to fight.
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